PancakeSwap Launches DefiDollar DAO Syrup Pool

PancakeSwap announced on April 27th that DefiDollar DAO is the latest protocol to own a Syrup Pool on the popular DEX. DUSD and ibBTC are two popular products from DefiDollar, which is poised to maximize investor returns as part of the PancakeSwap ecosystem.

By
Utulu Hope
on
April 28, 2021
Category:
BSC News

Pancakeswap Adds a New Protocol to The Syrup Pool

PancakeSwap recently announced that it is now possible to earn $DFD (DefiDollar) by staking $CAKE, with the DefiDollar syrup pool becoming live for users. $CAKE users willing to earn $DFD can stake their $CAKE and earn about 250% annual percentage yield. $DFD users and $BUSD users can also stake their tokens to be rewarded with $CAKE and almost 4,000% annual percentage yield (APY). The syrup pool which went live today will last for 60 days (through 26th June 2021).

Pool Details

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$DFD users can learn more details about the DefiDollar DAO syrup pool by checking their Medium post here. One main benefit of being onboard at the start of the DFD syrup pool is that the BEP20 DFD can be transferred on BSC. That means harvested DFD tokens can be swapped for $CAKE at any time during this period. Users of PancakeSwap will be able to stake this pool in order to bring in extremely large yields, which are subject to change as the pool is recognized by more and more investors.

About DefiDollar

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DefiDollar is an Ethereum-built stablecoin that utilizes DeFi primitives to remain close to the $1 price point. DUSD and ibBTC are two popular products from DefiDollar. While the curve finance LP tokens collateralize the DUSD, holders of DUSD use it as a hedge against volatility in TUSD, USDC, DAI, and Tether (USDT). IbBTC is an interest-bearing BTC developed by the collaborative efforts between DefiDollar and BadgerDAO. When necessary, $DFD users can use the multichain XYZ cross-chain bridge to move their DefiDollars from Ethereum to the Binance Smart Chain (BSC). DefiDollar recently announced the launch of BeefyFinance LP reward pool for DFD where users can earn LP tokens by adding the DFD/BUSD liquidity in PancakeSwap, then staking the LP tokens in beefy finance to earn $CAKE. Right now, the rewards are at about 2.2% daily.

About PancakeSwap

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PancakeSwap is the BSC's leading Automated Market Maker (AMM) and yield farming project based on volume and user base. It offers various creative ways for its users to earn when they own $CAKE, their proprietary. The team recently announced the launch of the BETA version of its Prediction tool; with this, $CAKE users stand to win $BNB when they can correctly predict the uptrend or downtrend of the BNB/USDT price within 5 minutes. 

Closing Thoughts

It is a good sign for investors that DefiDollar is now part of the syrup pool. $DFD holders need to maximize this advantage to earn $CAKE by staking their $DFD during this initial onboarding stage. This pool is an opportunity for these early investors to earn more $CAKE and an absurd near-4,000% annual percentage yield (APY) on their DFD investments. 

Tags:
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.